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If you cash (receive any form of payment) in a poker tournament in the USA, you have to pay 30% tax on the net profit. For example, if you buy-in for $10,000 to play in the WSOP Main Event at the Rio in Las Vegas and then end up winning $10,000 (actually you broke even), the casino will hold $3,000 out of the $10,000 (the gross winnings) and you will get $7,000 back.
Last night, Barry Greenstein won the $1,500 Pot-Limit Omaha tournament and he did so with great style. Barry was playing two tournaments simultaneously, the final table of the Pot-Limit Omaha tournament, which started on June 19th, and the $5,000 No-Limit Hold'em event that began yesterday. Will he win that one too? Read more about this amazing player below.
Phil Hellmuth is one of the biggest stars in poker and he knows it. So far, he hasn't made any magic in the 2005 World Series of Poker (in the money twice) and I must say that I expect more of this man (he has won 9 WSOP bracelets). Phil hasn't won many major tournaments in recent years, although I suspect that's mainly because he's been busy with poker related business. For example, he represents online poker room UltimateBet.com. For more Phil Hellmuth trivia, keep reading today's blog.
Friday, June 10, 2005, marked the first time I ever played in a WSOP event, the $2,000 No-Limit Hold'em tournament. I managed to take 102nd place, beating 1,300 players in the process and receiving $2,580 for my efforts. Erik Seidel came out on top and finally won this event last night, but this is how the tournament unfolded for me.
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